Recently, Cryptheory reported that Tesla sold 75% of its Bitcoins (BTC) in the second quarter of the year. With that, the company reduced its cryptocurrency balance to just over 10,000 BTC in cash.
However, the use of BTC as part of company reserves is here to stay, and the proof is that the sale of Tesla did not affect the price of the cryptocurrency much. Elon Musk’s company has also not zeroed its position, which indicates that there is still confidence in the BTC investment thesis.
And it’s not just Tesla that has large BTC reserves, but other listed companies are also betting on this market. See now which are the five companies listed on the stock exchange that have the largest amount of BTC in cash.
Marathon Digital Holdings
Marathon (ticker: MARA) is one of the largest companies in the world in the BTC mining segment. Therefore, it makes sense that the company is also a major investor in the cryptocurrency.
In fact, the latest balance sheet indicates that Marathon has 10,055 BTC in its cash, which corresponds to BRL 1.2 billion in current values. Among exchange-listed miners, Marathon has the largest BTC reserve in its cash.
Marathon aims to have more than 199,000 BTC miners producing 23.3 exahashes per second (EH/s) per day by 2023, a 600% increase over the hash rate of December 2021. That month, the company made a Bitmain’s massive order of 78,000 Antminer, to be delivered throughout 2022.
Yes that’s right; Despite the big sale of BTC in Q2 2022, Tesla (TSLA) still ranks in the Top 5 among the biggest holders. According to the BTC Treasuries website, Tesla now has 10,725 BTC in its portfolio, which is worth R$1.27 billion.
The company bought the equivalent of $1.5 billion worth of BTC in 2021, which corresponded to more than 42,000 units of the cryptocurrency. At the time, Tesla reached the second place among the biggest investors, and it remained in this position even with the sale of 10% of its reserves in the first quarter of 2021.
The Voyager Digital (VOYG) exchange has the third largest BTC reserve, with 12,260 units worth, at the current price, around BRL 1.45 billion. In May 2021, the exchange’s revenue reached $60.4 million, up 1,600% from the previous quarter.
However, the exchange was targeted by the Terra (LUNA) blockchain collapse, as it lent more than $660 million to the Three Arrows Capital fund. The fund, in turn, did not pay the money, which forced Voyager to freeze withdrawals from its customers.
Galaxy Digital is a digital bank focused on creating payment solutions for the cryptocurrency market. The company is the largest holder of BTC among the players operating in this sector, having 16,400 BTC in stock, worth R$1.9 billion in current values.
Created in 2018 by Mike Novogratz, a big supporter of BTC as a currency, the bank has also supported and offered financing to several companies in the sector. In this sense, Galaxy has already financed companies such as Block.one and BlockFi, among others.
Finally, the biggest giant in this market is MicroStrategy (MSTR), which started acquiring BTC almost two years ago and has not stopped since. Making several purchases over time, the company accumulated a reserve of 129,699 BTC, which corresponds to BRL 15.3 billion.
As such, the company is by far the top BTC holder on the market, thanks to the enthusiasm of its CEO, Michael Saylor. The executive himself has over 17,000 BTC in his personal fortune, as well as constantly defending cryptocurrency as an investment as well as a technological revolution.